IEA Trims Global Demand Growth Forecast Again (11/10/2006)

Τετ, 11 Οκτωβρίου 2006 - 10:35
The International Energy Agency on Wednesday trimmed its 2007 global oil demand growth forecast by 90,000 barrels per day to 1.45 million bpd because of slightly weaker U.S. demand. The change in the IEA's monthly market report follows a downward revision of 100,000 bpd last month. It also pared back its forecast for non-OPEC supply growth by 120,000 bpd to 1.68 million bpd, compared with its September report. The call on crude from the Organisation of the Petroleum Exporting Countries was expected to be 29.5 million bpd for the fourth quarter, easing to 29 million bpd for the first quarter of 2007. Both figures were unchanged from the previous report, although the IEA said they were subject to perennial winter demand and non-OPEC supply uncertainties. OPEC's supply in September fell by 155,000 bpd from August to 29.81 million bpd, as Saudi Arabia, Iran and Nigeria reduced output, the IEA said. (Reuters)